SECUR: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SECUR
Largest movements
- Tangible fixed assets +€130,830
up €130,830 (+24.0%), from €545,536 to €676,366
- Receivables within one year +€76,927
up €76,927 (+886.6%), from €8,677 to €85,604
of which Other amounts receivable: +€77,659
- Cash -€23,010
down €23,010 (-45.5%), from €50,592 to €27,582
mainly Investment in fixed assets (net) (-€150,440) and Contributions, distributions and other (-€109,579)
- Reserves +€103,809
up €103,809 (+51.7%), from €200,740 to €304,548
of which Tax-exempt reserves: +€199,501
- Provisions +€66,500
new in 2025: €66,500
- Trade debts +€8,300
up €8,300 (+1271.8%), from €653 to €8,952
- Gross operating margin +€262,576
up €262,576 (+386.1%), from €68,008 to €330,584
- Financial charges +€7,635
up €7,635 (+85.0%), from €8,981 to €16,615
- Taxes -€3,792
down €3,792 (-45.0%), from €8,421 to €4,629
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €606,704 | €791,847 | +€185,143 | +30.5% |
| Fixed assets | 21/28 | €545,536 | €676,366 | +€130,830 | +24.0% |
| Tangible fixed assets | 22/27 | €545,536 | €676,366 | +€130,830 | +24.0% |
| Land and buildings | 22 | €545,536 | €676,366 | +€130,830 | +24.0% |
| Current assets | 29/58 | €61,168 | €115,481 | +€54,313 | +88.8% |
| Amounts receivable within one year | 40/41 | €8,677 | €85,604 | +€76,927 | +886.6% |
| Trade receivables | 40 | €965 | €233 | -€732 | -75.8% |
| Other amounts receivable | 41 | €7,712 | €85,371 | +€77,659 | +1007.0% |
| Cash at bank and in hand | 54/58 | €50,592 | €27,582 | -€23,010 | -45.5% |
| Deferred charges and accrued income | 490/1 | €1,899 | €2,295 | +€396 | +20.9% |
| Total equity and liabilities | 10/49 | €606,704 | €791,847 | +€185,143 | +30.5% |
| Equity | 10/15 | €486,890 | €590,698 | +€103,809 | +21.3% |
| Contributions | 10/11 | €286,150 | €286,150 | = | 0.0% |
| Reserves | 13 | €200,740 | €304,548 | +€103,809 | +51.7% |
| Tax-exempt reserves | 132 | - | €199,501 | +€199,501 | |
| Distributable reserves | 133 | €200,740 | €105,047 | -€95,692 | -47.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €66,500 | +€66,500 | |
| Deferred taxes | 168 | - | €66,500 | +€66,500 | |
| Amounts payable | 17/49 | €119,814 | €134,649 | +€14,834 | +12.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €109,883 | €118,183 | +€8,300 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €653 | €8,952 | +€8,300 | +1271.8% |
| Suppliers | 440/4 | €653 | €8,952 | +€8,300 | +1271.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €109,231 | €109,231 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,931 | €16,466 | +€6,535 | +65.8% |
| Non-recurring operating income | 76A | - | €281,606 | +€281,606 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,496 | €19,610 | +€1,113 | +6.0% |
| Other operating charges | 640/8 | €7,543 | €9,974 | +€2,431 | +32.2% |
| Gross operating margin | 9900 | €68,008 | €330,584 | +€262,576 | +386.1% |
| Operating profit (loss) | 9901 | €41,969 | €301,000 | +€259,031 | +617.2% |
| Financial income | 75/76B | €694 | €132 | -€562 | -80.9% |
| Recurring financial income | 75 | €694 | €132 | -€562 | -80.9% |
| Financial charges | 65/66B | €8,981 | €16,615 | +€7,635 | +85.0% |
| Recurring financial charges | 65 | €8,981 | €16,615 | +€7,635 | +85.0% |
| Profit (loss) for the period before taxes | 9903 | €33,682 | €284,517 | +€250,835 | +744.7% |
| Transfer from deferred taxes | 780 | - | €929 | +€929 | |
| Transfer to deferred taxes | 680 | - | €67,429 | +€67,429 | |
| Income taxes | 67/77 | €8,421 | €4,629 | -€3,792 | -45.0% |
| Profit (loss) for the period | 9904 | €25,262 | €213,388 | +€188,126 | +744.7% |
| Transfer from tax-exempt reserves | 789 | - | €2,786 | +€2,786 | |
| Transfer to tax-exempt reserves | 689 | - | €202,287 | +€202,287 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,262 | €13,887 | -€11,375 | -45.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.